Study On Entrepreneurial Process Of New Opportunity-driven Ventures

China is undergoing entrepreneurship restructuring, which is from necessity-driven to opportunity- driven. However, the domestic theoretical research lags the entrepreneurial practices. Novelty search results showed that there were only two articles about opportunity-driven entrepreneurship in the domestic-based database. This type of entrepreneurial research is blank. As the founder of new industries, new opportunity-driven ventures often emerged in new markets, and made great contributions to economic development. However, its development is heavily dependent on external entrepreneurial environment, such as policy, economic and legal. Entrepreneurship is a combination of factors, and multi-latitude complex dynamic process. Lack of tracking study in China is the main disparity between inland and abroad. Therefore, researching entrepreneurial process of new opportunity-driven ventures takes on an important academic significance and application value.This paper focuses on the entrepreneurial process of new opportunity-driven ventures. Through using the empirical research and tracking study, it studies four grand essentials of the entrepreneurial process of new opportunity-driven ventures, including entrepreneur characteristics, identification and evaluation of entrepreneurial opportunity, foundation and growth of new ventures as well as entrepreneurial environment. Based on these, this paper tries to explore the inherent law of this type of entrepreneurship. The main research and innovative results are as follows:(1) Study on the origin, definition and basic characteristics of the opportunity-driven entrepreneurship. In addition, it discusses the basic characteristics and quality characteristics of entrepreneur groups as well as the typical characteristics of successful ones. Firstly, on the basis of City Entrepreneurship Monitor 2007, it does a comparative study on the characteristics of opportunity-driven entrepreneurs and necessity-driven entrepreneurs in Hefei, and summarizes the basic features of opportunity-driven entrepreneur groups. Secondly, the author builds an entrepreneur quality evaluation model, and compares the characteristics of opportunity- driven entrepreneurs in Hefei and Shenzhen. Finally, this paper sums up the typical characteristics of successful opportunity-driven entrepreneurs by interviewing the core entrepreneurial founders and studying cases.(2) Study on the evaluation of entrepreneurial opportunities. Based on Timmons opportunity evaluation model, this paper designs a questionnaire to investigate entrepreneurs in Hefei, Anqing and Shenzhen in order to testify the model's application in China. The key points are as follows: First, Chinese entrepreneurs always attach great importance to the composition of management team and first-enter industry advantages when they evaluate opportunities. Second, on account of the environmental and cultural differences among regions, the entrepreneurs focus on different factors when they evaluate opportunities. Entrepreneurs' main index series in these three cities reflected their views of entrepreneurial opportunity significant factors, respectively represented China's economically developed cities, medium-developed cities and undeveloped cities.(3) Study on foundation and growth of new opportunity-driven ventures. In the first place, an empirical study involving 104 opportunity-driven ventures in Hefei had been carried out. This work is a sub-investigation of the project named "City Entrepreneurship Monitor 2007". Based on these efforts the factors favoring the foundation and development of new ventures are summarized from three aspects. They are the foundation of new ventures, the analysis of survival capacity and the development of new ventures. Moreover, this paper constructs the profitable pattern of new opportunity-driven ventures on the basis of case study. In the last place, it sums up the key elements of successful opportunity ventures.(4) Study and evaluation on elements of environment related to opportunity-driven entrepreneurship. Based on the reflection of the research process of City Entrepreneurship Monitor 2007, this paper evaluates the entrepreneurship environment of Hefei by adopting the studying method of Global Entrepreneurship Management. Then the author discusses impact of entrepreneurship environment upon opportunity-driven entrepreneurship. And then the suggestions on how to promote the opportunity-driven entrepreneurship are purposely put forward.The above study on the entrepreneurial process of new opportunity-driven ventures is significant. Firstly from theory aspects, it will supply a gap in the research field of entrepreneurship. Secondly from practice aspects, it can give guidance to the domestic opportunity entrepreneurs and references to related government sectors for policies making.